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3 Benefits of Chapter 7 Bankruptcy

3 Benefits of Chapter 7 Bankruptcy

Some of you may be at a point in your life when you are considering bankruptcy. If so, you may be wondering why a Chapter 7 Bankruptcy may be better for you. Some of the advantages to filing a Chapter 7 bankruptcy are as follows:

  1. Although some Chapter 7 clients lose some property in a Chapter 7 Bankruptcy, most of them do not lose any property. Even if a client does end up having to forfeit some property, in most cases, the client will be allowed to keep their car, home, household items, and all other necessities.
  2. Time – A typical Chapter 7 Bankruptcy takes between three and six months to complete. This is much shorter than the three to five years it takes to complete a typical Chapter 13 Bankruptcy.
    • This means that in roughly three to six months, you can have a wide variety of debts including CREDIT CARD DEBT, MEDICAL DEBT, PAYDAY LOANS discharged, meaning that you are no longer required to pay them back!
    • This also means that you can start rebuilding your credit and rehabilitating your finances faster than you would in a Chapter 13.
  3. Collection calls stop as soon as the bankruptcy is filed!

Although it is more expensive up-front than a Chapter 13 Bankruptcy, a Chapter 7 Bankruptcy is generally cheaper in the long run. A Chapter 13 will likely cost $3,000 or more in attorneys’ fees throughout the life of your plan.

You may be able start your Chapter 7 For As Low As $835 Through Our KLG Express Bankruptcy Center Offer.

Please keep in mind that you may not be eligible for a Chapter 7 or that in some circumstances, a Chapter 13 may be more advantageous. Every bankruptcy case is different and you should speak with an experienced bankruptcy attorney before determining which, if any, bankruptcy option is right for you. Also, please remember there are some debts that cannot be discharged through any type of bankruptcy, such as child support obligations, student loan debt (in most circumstances) and certain tax debts.

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  1. John D.
    April 20, 2016

    Good info Jason. Lots of people don’t realize how much relief they’ll feel after filing when the phone stops ringing and they can take a deep breath, a step back and get back into control of their finances.

    • Admin
      April 20, 2016

      Thank you John!

  2. Rockford Johnson
    September 22, 2016

    I never knew that there were different types of bankruptcy before reading this article. Thank you for explaining that a chapter 7 bankruptcy can help to clear credit card, medical and payday debt. I hope that I can find a good attorney if I ever have to file for bankruptcy in the future.

  3. Mark
    February 10, 2017

    I am reading for the first time about chapter 7 and 13 chapter of bankruptcy. I was collecting information about bankruptcy. I like your post because after reading this post i have collected very useful information.

    • Jason Kotlyarov
      February 14, 2017

      Thank you Mark!

  4. John
    March 11, 2017

    I have read for the first time about chapter 7 and chapter 13 bankruptcy. I was collecting information about bankruptcy. I came across many articles posted by another attorney. He is one of the best bankruptcy and debt relief lawyer’s in Los Angeles, CA. I really like your post because reading this post i have collected some useful information.

  5. Chapter 13 Bankruptcy
    April 29, 2017

    I think that student loans are a really hard way to go for school. I think that It is good to have a fund before you start school that way you have some money to pay for it. I have struggled with school before and I don’t want to have anything happen for a while

  6. Chapter 7 Bankruptcy
    May 7, 2017

    I read your blog, its really awesome, I love it.

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